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How to complete year end adjusting entries for the following ? Inventory: periodic, FIFO for both baking and merchandise ~baking supplies $27,850 ending inventory Equipment:

How to complete year end adjusting entries for the following ?

Inventory: periodic, FIFO for both baking and merchandise

~baking supplies $27,850 ending inventory

Equipment: straight lie method used for equipment

~mixing machine :$5k initial cost, $500 salvage value, 3rd year of use of 7 total ($642.86 per year)

~Ovens: $8k initial cost, $1000 salvage value, 3rd year of use of 7 total ($1000 per year)

~Other depreciable equipment: $4000 initial cost, $0 salvage value, 1st year of use of 4 total ($1000 per year)

~Bakery leasehold improvements: $10,000, 2nd year of use ($2000 per year)

~trademark for company name: $2300 initial cost, 3rd year of use

Office supplies: Periodic, FIFO ending balance $250

Pay period is every 2 weeks. Last pay period ended Dec 27, 2017

~60 employees with a daily pay of $5700, all receive pay through Dec 31

Financing:

~6% interest note payable was made on January 31, 2017, and is due Feb 1, 2019

~5year loan was made on June 1, 2017. Terms are 7.5% annual rate, interest only until due date

Insurance: Annual policy covers 12 months, purchased in February, covering March 2017-February 2018. No monthly adjustments have been made

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